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China’s leading fund manager has dismissed the threat of a global currency war as a “myth”, in the process pitting himself in the opposite corner to one of the world’s most renowned currency investors.

Jin Liqun, the chairman of the China Investment Corporation, told a gathering at the World Economic Forum in Davos: “The so-called currency war is being exaggerated. Fundamentally, [exchange rates] are based on the competitiveness of your sector ... Don’t believe this myth about a currency war.” He added of the Chinese currency: “The renminbi is more or less on the right level.”